San Francisco · Funding Round · New York · Crunchbase News
Most these larger rounds came from about 350 agreements in the $10 million to $50 million range
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The market for funding U.S. startups at the seed stage is growing, but there’s a catch.
Key facts
- A seed round is generally from $3 million to $8 million, sometimes up to $10 million
- Most these larger rounds came from about 350 deals in the $10 million to $50 million range, with another 20-plus deals at $50 million or above, Crunchbase data show
- At the same time, deal counts for seed-stage startups have fallen since the 2021-2022 peak, as has funding going into rounds below $10 million, Crunchbase data shows
- The expansion in the seed market has been in rounds of $10 million or more, with some companies, though still fewer than 10% in 2025, raising tens of millions of dollars within one to two years
Summary
While more funding is going into startups at this stage, seed funding saw a marked shift in 2025: More than half of seed dollars last year went into deals of $10 million or above. At the same time, deal counts for seed-stage startups have fallen since the 2021-2022 peak, as has funding going into rounds below $10 million, Crunchbase data shows. The data points to a growing dichotomy: For your typical young startup, it’s an increasingly challenging funding landscape, despite more seed investors writing bigger checks. “Seed today is what Series A was seven years ago,” said Mercedes Bent, previously a partner at Lightspeed Venture Partners and now partner at Premise.